Benefit Briefs & Analysis

Health and Welfare Plans

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401(k) and 403(b) Arrangements

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Defined Benefit Plans

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Executive Compensation

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Fiduciary Responsibility

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Payroll and Other Fringes

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Multiemployer Plans

Recent Additions

IRS Ends Use of Closing Agreements for Late Corrections of Missed FICA Taxes on Deferred Compensation

If the time to amend a return has passed (usually three years), the IRS will no longer allow employers to correct mistakes in administering the “special timing rule” of IRC §3121(v). This change in policy means that employers, and their employees, will face higher FICA taxes if employers do not understand §3121(v) when administering their non-qualified deferred compensation plans.

Articles and briefings are provided as a courtesy and may not be relied upon as legal advice, or to avoid taxes and penalties. Any communication with a lawyer in the Firm as to their contents does not, of itself, create a lawyer-client relationship.